Full and Final Settlements to DMP!?

HereGoes!

Hello,

I have about £7800 in a DMP with a well known company who have ripped me off..

I have just been given a lump sum of £3500 and split it pro rata with my creditors as full and final settlements..

Today i have recieved my first (and im beginning to think NOT the last) letter of rejection.

Am i wishfully thinking or shall i try and stay positive? What do i do once they have said no? just deal with it?

Robflh

Hi HereGoes!

Who and how much do you owe money to.

angelavdavis

You have to just suck it and see. If one of your creditors accepts your payment, you can always up the offers to the highest one. Don't offer them more than 70% of the total owed per individual debt though. Obviously, £3500 is a lot less than 70% of your DMP (which would be £5460) so you can only try.

If they all come back with a no, I suggest you offer to the largest/more pain-in the a**e lenders first to get rid.

HereGoes!

Ok its

Capital One
Barclyacrd
Sainsburys Credit Card
Blair Oliver and Scott
HBOS
and Argos

Robflh

Hi HereGoes!

I need to know the amounts as well please.

HereGoes!

Errmm top of my head:

CO-£1000
Barcl: £200
Arogs: £50
BO&S: £2000
Sains: £600
Catalog: 900
HBOS: 2000

There are more but im on a work comp

Robflh

Hi HereGoes!

Contact www.payplan.com or www.cccs.co.uk and ask them about a lump sum IVA. They are both charities and therefore they will not charge you for any advice.

For a standard IVA you have to have debts of more then £15,000 but I am not sure about a lump sum IVA.

If anyone of your creditors has more then 25% of your total debt, they can reject an IVA and both HBOS & BO&S have more then that. If you can do it with less then £15,000 of debt, you would need to move money from one creditor to another creditor so that none of them have more then 25% of your total debt.

There is a new one coming soon, it could already be here, it is called an SIVA or Small IVA, so ask them about this one as well. It is for debts up to £15,000 and I do not think you have to move any money around.

If you can do one or the other the £3,500 you have could be enough money for a Full and Final Settlement.

Until you know if you can or cannot get an IVA or an SVA, do not contact your creditors about a Full and Final Settlement.

Let me know how you get on and if you cut and paste this into an email, it might save you a bit of time.